Morning Report

Silver rebounded to the upside, supported by the bullish Bat harmonic structure mentioned in our weekly report. Consolidation above 78.3% Fibonacci correction of the XA leg, and also above 23.6% Fibonacci correction of the CD leg, are reasons drive us to expect the silver could extend the upside move towards 29.05 as a start and then a breach of this level could support silver to reach further upside targets. Stability below 27.10 weakens our positive outlook.

The trading range for today is among the key support at 26.05 and key resistance now at 30.80.

The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.

**New York Candlesticks**

Weekly Report

Support28.1027.5027.1026.6526.05
Resistance28.6028.8529.0529.9030.30
RecommendationBased on the charts and explanations above, our opinion is buying silver above 28.10, and take profit in stages at (29.05 and 30.80) and stop loss with 4-hour closing below 27.10 might be appropriate